Royal Bank of Canada Has $736,000 Stake in Fortrea Holdings Inc. $FTRE

Key Points

• Royal Bank of Canada cut its Fortrea stake by 71.9% in the first quarter, selling 199,618 shares and retaining 78,149 shares worth approximately $736,000.
• Analyst sentiment is mixed: Fortrea has a consensus “Hold” rating and an average price target of $20.75, although several firms recently raised their targets to between $23 and $26.
• Fortrea reported quarterly EPS of $0.23, exceeding estimates of $0.18, while revenue of $678.2 million also topped forecasts. CEO Anshul Thakral sold shares primarily to cover tax obligations related to vested equity awards.

Royal Bank of Canada lessened its holdings in shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 71.9% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 78,149 shares of the company's stock after selling 199,618 shares during the period. Royal Bank of Canada owned about 0.08% of Fortrea worth $736,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Larson Financial Group LLC raised its position in shares of Fortrea by 136.7% in the fourth quarter. Larson Financial Group LLC now owns 1,856 shares of the company's stock valued at $32,000 after buying an additional 1,072 shares in the last quarter. Osaic Holdings Inc. grew its position in Fortrea by 74.3% during the second quarter. Osaic Holdings Inc. now owns 6,844 shares of the company's stock worth $38,000 after buying an additional 2,918 shares in the last quarter. Tower Research Capital LLC TRC grew its position in Fortrea by 137.0% during the second quarter. Tower Research Capital LLC TRC now owns 8,713 shares of the company's stock worth $43,000 after buying an additional 5,036 shares in the last quarter. Toronto Dominion Bank acquired a new stake in Fortrea during the fourth quarter worth approximately $51,000. Finally, EverSource Wealth Advisors LLC increased its stake in Fortrea by 662.9% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 11,963 shares of the company's stock worth $59,000 after acquiring an additional 10,395 shares during the period.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. TD Cowen lifted their price objective on Fortrea from $19.00 to $23.00 and gave the company a "buy" rating in a report on Tuesday, August 4th. Truist Financial raised their price target on Fortrea from $19.00 to $26.00 and gave the stock a "buy" rating in a research report on Thursday, July 30th. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a $20.00 price target on shares of Fortrea in a research note on Thursday, July 30th. Mizuho upped their price objective on shares of Fortrea from $13.00 to $16.00 and gave the stock a "neutral" rating in a research report on Monday, July 13th. Finally, Robert W. Baird set a $23.00 price objective on shares of Fortrea in a research note on Thursday, July 30th. Five investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Fortrea presently has a consensus rating of "Hold" and an average price target of $20.75.

Insider Buying and Selling

In other news, CEO Anshul Thakral sold 99,869 shares of the stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $19.16, for a total value of $1,913,490.04. Following the completion of the transaction, the chief executive officer owned 316,797 shares of the company's stock, valued at approximately $6,069,830.52. This represents a 23.97% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 0.73% of the company's stock.

Fortrea Stock Performance

Shares of FTRE opened at $18.39 on Monday. The company has a debt-to-equity ratio of 1.98, a quick ratio of 0.96 and a current ratio of 0.96. Fortrea Holdings Inc. has a 52-week low of $7.61 and a 52-week high of $21.39. The firm has a market cap of $1.75 billion, a price-to-earnings ratio of -20.21, a PEG ratio of 0.44 and a beta of 1.99. The business's fifty day moving average is $17.87 and its 200-day moving average is $13.97.

Fortrea (NASDAQ:FTRE - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.05. The business had revenue of $678.20 million during the quarter, compared to the consensus estimate of $647.57 million. Fortrea had a positive return on equity of 10.72% and a negative net margin of 3.18%. Equities analysts anticipate that Fortrea Holdings Inc. will post 0.85 EPS for the current fiscal year.

About Fortrea

Fortrea, Inc is a global contract development and manufacturing organization (CDMO) that provides integrated solutions for pharmaceutical and biotechnology companies. Established as a spin-off from Thermo Fisher Scientific's Pharma Services business in October 2023, Fortrea leverages a legacy of scientific expertise and manufacturing scale to support drug development from early-stage research through commercial production. The company's comprehensive offerings address the complex needs of both small-molecule and biologics programs, making it a single source for clients seeking to accelerate timelines and manage costs.

Fortrea's core services encompass analytical and formulation development, process optimization, clinical and commercial manufacturing, and packaging services.

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